Breaking News: In recent meetings with the AICPA, Roger CPA Review was informed that after the Clarity Project changes take effect on July 1, 2013, CPA candidates will be responsible for knowing both old (current) and changed material.

One testing window remains until these changes take effect. This is even more reason for you to pass AUD now! If you missed our webcast that provides a glimpse of what's changing, you can view it here:

If you're new to the big changes coming to the AUD Exam in 2013, here's a brief glimpse as to what's changing. The Clarity Project was created in an effort to make auditing standards more streamlined in their content, and to converge U.S. standard with international standards. Although there are changes to standards and terminology in numerous areas, heres the scoop on the changes to the audit report:
  • Unmodified report (old name was unqualified report) for Non-public companies/non-issuers.
  • Report for Public companies (issuers) is similar to old Audit report (3 paragraphs)
  • Extra paragraphs are now called Emphasis-of-Matter  and Other Matter paragraphs(previously called explanatory paragraphs).
  • Each portion of the report will require its own Subheading.
  • Division of Responsibility now called Group Financial Statements.
  • Qualified opinions now called Modified opinions (Qualified except for, Disclaimer and Adverse)
Roger CPA Review is currently updating the Audit Course to reflect these new clarity standards, so you will be prepared come exam day, no matter what.

Again, watch our free webcast with the link above, and pass AUD in the one remaining testing window before the changes are implemented. Do you have any questions? If so, leave a comment on this blog and we will reply as soon as possible!